Are You Millionaire Material?

Although many men dream of one day becoming millionaires, how many actually do something about it? No, it isn't easy, but making that all-important first million is not like trying to part the Red Sea. Oftentimes, a lack of motivation is what stops most people from taking those first crucial steps toward greater personal wealth.

The key element here is working for your money and not praying that it will fall from the sky or come to you via the lottery. According to a recent report of the Affluent Market Institute, roughly 4% of the U.S. population are millionaires, meaning that only a few had the necessary drive, skill and know-how to make the big bucks. And contrary to popular belief, most were not born rich; they had to earn every penny they made (think Microsoft's Bill Gates, or Apple's Steve Jobs).

The fact that you even made it this far into the article suggests you have a prominent desire to strike it rich. But ask yourself: Do I want to be a millionaire for all the right reasons?

Are you looking to be financially secure or are you just vying for a status symbol among the cultural elite? Wealth should be viewed as a means of comfort (i.e. financially secure for life), not a way to saturate yourself in luxury. Once you've come to terms with that, you're ready to start making your money grow.

10 Tips on Becoming a Millionaire

Many, like Oracle CEO Larry Ellison, accumulated wealth at a mature stage in their lives, so there's no need to rush into this project. There are no guarantees out there, but in taking the time to really absorb and understand these guidelines, you'll at least be on the right path to that seven-figure lifestyle you've been yearning for.

1- Have a long-term plan It's important to realize from the get-go that your bank account won't explode overnight. Joining the million-dollar club is a process that could take well over a decade, so set a realistic time frame for yourself and proceed from there.

To put things into perspective: Some say it takes approximately 25 years to make your first million, and five years to make the second. With an interest of only 8%, you could actually double your money in 10 years.

Number crunching in advance is usually the best way, as it gives you a clear picture of what you'll be facing down the road.